The Government of The Bahamas has reaffirmed its commitment to rebuilding and revitalising Abaco in the post-Hurricane Dorian era with the signing of a transformative Heads of Agreement with GreenPointe Holdings LLC. This landmark $177 million redevelopment project will see the iconic Treasure Cay resort and residential area restored and elevated to a world-class luxury destination.
During the signing ceremony held Wednesday, September 11, 2024 Prime Minister Philip Davis emphasised the significance of this investment as a pivotal moment for the Abacos. "The GreenPointe Redevelopment of Treasure Cay marks a new chapter in Abaco's recovery. This project will not only restore Treasure Cay to its former glory but will elevate it to an even higher standard, creating sustainable growth and new opportunities for the people of Abaco."
Led by Mr. Edward Burr, GreenPointe Holdings plans to revamp Treasure Cay with modern, top-tier facilities and services. Phase 1 of the development will include the restoration of critical infrastructure, such as the marina and harbour, along with the construction of new residential units, a luxury hotel, and essential services like a grocery store. These enhancements are designed to benefit both Bahamian residents and visitors alike, boosting tourism and the local economy.
The Prime Minister further highlighted the broader impact of the project on Abaco’s economic revival, noting that the redevelopment will generate numerous job opportunities across construction, hospitality, and retail sectors. "We are committed to ensuring that Bahamian workers are prioritised throughout this project, and GreenPointe's dedication to providing training opportunities will help reduce reliance on foreign labour," he said.
Environmental sustainability is also a key priority of the Treasure Cay project. GreenPointe Holdings has pledged to ensure that all development efforts align with the protection of Abaco’s valuable ecosystems, safeguarding the island’s natural beauty for future generations.
In addition to the environmental and economic benefits, the redevelopment project will provide opportunities for Bahamian investors to participate in the resurgence of Treasure Cay. "This project is not just about international investment; it’s about giving Bahamians a stake in the future of their country," said the Prime Minister.
The Government of The Bahamas, together with GreenPointe Holdings, aims to restore Treasure Cay as a symbol of Bahamian beauty, resilience, and opportunity. The collaboration goes beyond economic development — it reflects the shared vision of a more prosperous and sustainable future for Abaco.
“We are excited to embark on this journey with GreenPointe Holdings and look forward to the positive economic impact this project will have, including new revenue streams from hotel and retail operations and the further development of our tourism sector,” concluded the Prime Minister.
